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By Richard Frost & Adam Haigh
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Asian stocks rose for the first time in three days as Macquarie Group Ltd.’s earnings beat estimates and investors awaited the release of U.S. jobs data. Metals gained, while the dollar weakened.
The MSCI Asia Pacific excluding Japan Index gained 0.2 percent at 12:02 p.m. in Hong Kong. The Shanghai Composite Index (SHCOMP) rallied 1.8 percent from a four-month low. Standard & Poor’s 500 Index futures were little changed, after the gauge closed at a record high. Copper and zinc climbed at least 2 percent. The dollar declined against most of its major peers. Japan’s markets are shut for a holiday. U.S. employers probably hired more workers in April than in the prior month and the jobless rate held at a four-year low of 7.6 percent, according to a Bloomberg poll of economists. TheReserve Bank of India may cut its borrowing costs at a meeting today, a separate survey shows. The European Central Banklowered its benchmark rate to a record low yesterday and President Mario Draghi signaled another reduction is possible.
“The market is a lot less worried about Europe,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has $126 billion under management. “Profits are continuing to rise and we remain overweight stocks on a positive 12-month view. Valuations are still OK.”
Health-care and consumer-discretionary companies led gains in MSCI’s Asian index, which has advanced 1.2 percent this week and trades at 12 times projected 12-month earnings. ThePhilippine Stock Exchange Index (PCOMP) jumped 1.7 percent to a record after Standard & Poor’s awarded the country an investment-grade credit rating. The FTSE Bursa Malaysia KLCI Index slid 0.7 percent before general elections on May 5.
Metals Surge
Macquarie Group (MQG), Australia’s biggest investment bank, jumped 9.1 percent, the most since September 2011, after posting a 17 percent gain in full-year profit. Genting Singapore Plc sank 8.1 percent after reporting lower earnings.
Copper for delivery in three months rallied 2.6 percent to $7,027 a metric ton in London, trimming a weekly decline. Zinc gained 2.4 percent, aluminum added 1.9 percent and nickel increased 1.4 percent. The LME Index of six primary metals sank 3.2 percent this week through yesterday amid growing inventories and signs that demand may cool.
U.S. payrolls increased by 140,000 workers after an 88,000 gain in March, according to the median forecast of economists surveyed by Bloomberg News before a Labor Department report. Applications for U.S. unemployment insurance payments fell 18,000 to 324,000 in the week ended April 27, the fewest since January 2008, Labor Department figures showed yesterday.
ECB Rates
European policy makers cut the main refinancing rate to a record-low 0.5 percent yesterday from 0.75 percent, and reduced the marginal lending rate to 1 percent from 1.5 percent. Draghi said policy makers have an “open mind” on reducing their so- called deposit rate below zero for the first time.
The dollar weakened against 11 of its 16 major counterparts. The euro gained 0.1 percent to $1.3076, while the Australian dollar strengthened 0.2 percent to $1.0273.
The Aussie was set to complete the longest run of weekly declines against its New Zealand counterpart in 12 years as traders raise bets the bigger nation’s central bank will cut borrowing costs next week. Australia’s currency fell to NZ$1.2043, the lowest level since October 2009.
Thailand’s baht fell as much as 0.6 percent to 29.64 per dollar, the weakest level since March 18, on speculation the central bank will take steps to limit gains in Asia’s best- performing currency of 2013. Bank of Thailand Chairman Virabongsa Ramangkura said yesterday currency appreciation has affected exports and the Thai economy.
To contact the reporters on this story: Richard Frost in Hong Kong at rfrost4@bloomberg.net; Adam Haigh in Sydney at ahaigh1@bloomberg.net
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